The Board of Directors of Dragon Group International Limited announced that on 17 July 2023, the Company had incorporated a new subsidiary in the People's Republic of China. The details are as follows: Name: Shanghai Dengyi International Trade Co. Ltd. Registered Capital: RMB 1,000,000 Principal Activities: Import and export of goods and services, and sales and marketing representation.

The incorporation of Chinese Subsidiary was funded through internal resources and had not been expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ended 31 December 2023.